Alberta Pension Names Ray Gilmour CEO, Spur Restructuring and Cost Cuts

Alberta's $133 billion pension fund, Alberta Investment Management Corp. (Aimco), has named Ray Gilmour as its permanent chief executive officer. Gilmour, a long-time government official, assumed the role on an interim basis in 2024 after the government removed Aimco's then-leader, Evan Siddall. The board has now fully endorsed his appointment, citing strong confidence in his leadership and management capabilities.

Gilmour's rise to the top followed a contentious period at Aimco, when then-Finance Minister Nate Horner dismissed Siddall and other senior executives for allowing costs to balloon. Since his appointment, Gilmour has implemented several cost-cutting measures, including the closure of Aimco's New York and Singapore offices and the reduction of a small number of staff. These moves align with the government's push for fiscal discipline.

In July 2025, Aimco also promoted Justin Lord to chief investment officer, signaling a broader restructuring of leadership. The pension manager oversees C$182.9 billion in assets, managing investments for various pensions, endowments, and government funds across Canada. The organization's mandate remains to deliver strong long-term returns while adhering to the province's economic priorities.

A New Direction for Aimco

Ray Gilmour's appointment reflects a shift in strategic direction for Aimco. As a former bureaucrat with deep ties to the Alberta government, Gilmour has been tasked with aligning the fund's operations with provincial economic goals. His tenure as interim CEO has already seen the firm reduce its global footprint and tighten internal controls. The board emphasized his "clear management expertise" and proven ability to excel in a recent statement.

The government's decision to fire Siddall and other senior staff in 2024 was part of a broader push to rein in public spending. At the time, officials cited unsustainable expenses and a need for greater transparency. Gilmour's background in public administration likely made him a natural fit to oversee these changes.

Market and Analyst Reactions

The announcement of Gilmour's permanent role was welcomed by the board and seen as a sign of stability. Aimco has faced scrutiny in recent years over its global operations and investment strategies. The closures in New York and Singapore were part of a cost-cutting initiative, while the promotion of Justin Lord signaled a focus on internal talent.

Analysts remain cautious, however, given the fund's size and the broader political environment. Alberta's populist-leaning government has shown a preference for fiscal restraint and skepticism of traditional financial institutions. While Gilmour's appointment may help solidify that agenda, it could also lead to shifts in Aimco's long-term investment approach.

What This Means for Investors

For investors and stakeholders, the transition to Ray Gilmour as permanent CEO offers a degree of continuity and clarity. The board's full endorsement suggests that Gilmour's leadership will remain stable, which is critical for a fund of Aimco's scale. His leadership is also expected to influence the fund's future capital allocation decisions and risk management framework (https://www.bloomberg.com/news/articles/2025-12-16/alberta-s-133-billion-pension-names-ray-gilmour-permanent-ceo).

The fund's recent moves —such as the sale of its Chicago apartment portfolio for $455 million — highlight its focus on liquidity and returns. Proceeds from the sale will be distributed to shareholders, underscoring Aimco's prioritization of capital efficiency. As the economy evolves and global markets face new uncertainties, the fund's ability to adapt under Gilmour's leadership will be a key area of focus for observers.

Outlook and Next Steps

Looking ahead, Aimco's management under Ray Gilmour is expected to continue balancing fiscal discipline with long-term growth objectives. The fund's strategic review and recent restructuring suggest a focus on operational efficiency and shareholder returns. With a $133 billion mandate, the decisions made by Gilmour and his team will have broad implications for Alberta's public finances and its investment landscape.

As Aimco moves forward, it will likely remain a focal point for both the government and financial markets. Any new initiatives, portfolio shifts, or governance changes will be closely watched for their impact on the province's financial health and the broader Canadian investment environment.